Bancor (BNT)

$3.16025 (21.44%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
85 $753,763,000.00 $56,453,800.00 238,513,000 BNT -- 21.44% -6.56% -$677.56

Exchange Pair Volume (24h) Price
Bancor Network ETH/BNT 12,396,837.00 712.2929774141
Bancor Network WBTC/BNT 4,290,405.00 12,156.4033860086
Bancor Network LINK/BNT 4,551,769.00 6.0213564556
Bancor Network USDC/BNT 3,760,015.00 0.3109180396
Bancor Network USDT/BNT 3,439,860.00 0.3105317864
Bancor Network ENJ/BNT 1,250,901.00 0.4174148127
Bancor Network MATIC/BNT 1,669,032.00 0.3214587848
Bancor Network MKR/BNT 504,214.00 831.4577776552
Bancor Network AAVE/BNT 556,443.00 92.5152903270
Crypto.com Exchange BNT/USDT 301,989.00 3.2156000000
Bancor Network BAT/BNT 141,335.00 0.1781182276
Bancor Network SNX/BNT 904,521.00 2.8930676845
Bancor Network WOO/BNT 617,489.00 0.1666846980
Bancor Network YFI/BNT 138,709.00 9,222.1609659183
Bancor Network AMP/BNT 2,021,055.00 0.0214079147
Coinbase Exchange BNT/USD 481,571.00 3.2176000000
Bancor Network COMP/BNT 180,840.00 122.1644111979
Bancor Network ALPHA/BNT 446,605.00 0.1863290537
Bancor Network OCEAN/BNT 330,875.00 0.1339799613
Bancor Network REN/BNT 117,164.00 0.1089441802
Bancor Network ROOK/BNT 89,643.00 43.6534177056
Bancor Network ZCN/BNT 50,673.00 0.1115437946
HitBTC BNT/BTC 1,779,471.00 0.0000821800
Bancor Network GRT/BNT 204,452.00 0.1759178862
VCC Exchange BNT/USDT 323,063.00 3.2140000000
Binance BNT/BTC 377,197.00 0.0000828300
Bancor Network MPH/BNT 23,043.00 10.7987121586
Bancor Network BOND/BNT 96,122.00 6.7386854308
Binance BNT/USDT 1,202,238.00 3.2335000000
VCC Exchange BNT/BTC 113,934.00 0.0000823000
Bancor Network VBNT/BNT 65,691.00 0.2849253053
Coinbase Exchange BNT/EUR 51,997.00 2.7245000000
Kraken BNT/EUR 10,687.65 2.7400000000
Bancor Network NDX/BNT 31,971.00 0.9684692127
HitBTC BNT/USDT 617,615.00 3.2204180000
Huobi Global BNT/USDT 119,209.00 3.2155000000
Bancor Network RENBTC/BNT 61,435.00 12,162.6129212555
BKEX BNT/USDT 441,283.00 3.2305000000
OKEx BNT/USDT 1,368,115.00 3.2140000000
Digifinex BNT/USDT 408,018.00 3.2153000000
Coinbase Exchange BNT/BTC 411,108.00 0.0000823000
OKEx BNT/BTC 525,599.00 0.0000823000
Bancor Network FARM/BNT 152,557.00 29.3344695667
Bancor Network HEGIC/BNT 383,170.00 0.0324617009
Bancor Network RSR/BNT 74,950.00 0.0089107938
Coinbase Exchange BNT/GBP 36,925.00 2.3184000000
Bancor Network ICHI/BNT 13,560.07 1.0034359798
Bilaxy BNT/USDT 572,517.00 3.2205000000
Bancor Network MLN/BNT 9,969.95 22.6633982906
P2PB2B BNT/BTC 48,179.00 0.0000823000
Gemini BNT/USD 3,225.03 3.2159000000
Bancor Network MTA/BNT 24,660.00 0.2286829912
VCC Exchange BNT/ETH 14,782.02 0.0014090000
AEX BNT/USDT 124,047.00 3.2040000000
Bancor Network LPL/BNT 105,759.00 1.1450920265
Bitrue BNT/BTC 314,918.00 0.0000823500
Bithumb BNT/KRW 57,225.00 3,722.0000000000
Binance BNT/BUSD 84,293.00 3.2313000000
Binance BNT/ETH 63,380.00 0.0014110000
P2PB2B BNT/USD 122,894.00 3.2147000000
Bancor Network RPL/BNT 6,890.38 3.8936340446
CoinBene BNT/BTC 967,090.00 0.0000822400
P2PB2B BNT/USDT 123,915.00 3.2142000000
Bancor Network ARMOR/BNT 2,281.03 0.0614954820
Bancor Network NEXO/BNT 8,198.98 0.5315080027
FTX BNT/USD 30,030.00 3.1990000000
Kraken BNT/GBP 1,669.05 2.3340000000
Bancor Network MANA/BNT 39,324.00 0.2155683611
XT.COM BNT/USDT 511,344.00 3.2128000000
Bancor Network ARCONA/BNT 91,881.00 0.0982425478
Bancor Network OMG/BNT 1,640.26 1.2212545914
Crypto.com Exchange BNT/CRO 33,134.00 26.5940000000
Bancor Network NMR/BNT 11,145.04 11.6308200317
Bitget BNT/BTC 267,972.00 0.0000821900
Bancor Network JRT/BNT 3,399.61 0.0142659499
Bancor Network RNB/BNT 13,720.97 0.1406786339
Bancor Network BDIGG/BNT 2,549.24 1,397.1830936404
Uniswap (v2) 0X1F573D6FB3F13D689FF844B4CE37794D79A7FF1C/ETH 26,005.00 0.0014100927
Bitrue BNT/ETH 634.25 0.0014090000
Bancor Network QNT/BNT 27,309.00 29.5791194480
BitBNS BNT/INR 40,210.00 244.8500000000
Huobi Global BNT/BTC 21,012.00 0.0000822100
Bitget BNT/USDT 68,705.00 3.2104000000
ZB BNT/QC 175,983.00 21.0786000000
Uniswap (v3) 0X1F573D6FB3F13D689FF844B4CE37794D79A7FF1C/ETH 6,369.80 0.0014192138
CoinEx BNT/USDT 3,980.55 3.2156000000
Bancor Network MTL/BNT 2,332.85 0.5308539141
Bancor Network MDT/BNT 4,410.21 0.0076038567
LATOKEN BNT/ETH 1,392.41 0.0014095000
Bancor Network MRPH/BNT 43,008.00 0.1939883994
Bancor Network DRC/BNT 9,295.78 0.0006742382
WazirX BNT/USDT 640.79 3.2446000000
Bancor Network EWTB/BNT 8,934.00 2.0370827899
Huobi Global BNT/ETH 8,280.25 0.0014090000
Bancor Network DATA/BNT 2,562.26 0.0286992969
Bancor Network FTXTOKEN/BNT 26,242.00 9.5866653358
Bancor Network STAKE/BNT 1,308.71 2.0174592039
Bancor Network PLR/BNT 716.55 0.0110125569
Bancor Network CEL/BNT 1,296.30 1.8403155993
Emirex BNT/USDT 20,298.00 3.1873000000

Background

Bancor targets a growing market for small cap crypto assets not listed on major exchanges which typically demand high liquidity. The Bancor Network, built on top of the Ethereum blockchain, facilitates token issuance and offers an open marketplace for crypto assets with potentially thin supply, e.g. tokenized merchandise by a local music band. Tokens trade instantly, on-chain, and can be made directly from any Ethereum wallet. User fees are limited to the gas needed to process the transaction via the Ethereum blockchain. Exchanges are governed by the Bancor Protocol and a novel extension of the ERC20 token standard called Smart Token. Continuous liquidity and deterministic price slippage is guaranteed for Smart Tokens through price and supply regulation encoded in the Smart Token contract. In effect, a Smart Token contract functions as a completely automated and decentralized central bank for the underlying token. The Smart Token standard can accommodate fiat trades (introduced in Q2 2018) and potentially non ERC20 tokens. Most notably, the protocol aims to integrate with EOSIO mainnet blockchain. [1] Smart Token applications are not limited to plain utility tokens. Smart Token contracts can act as a decentralized exchange for any ERC20-compliant tokens (Smart Tokens included); as a stable peg to another crypto asset (including non-ERC20 tokens, once cross-blockchain support is implemented); or serve as an intermediary token for exchanging token pairs not explicitly supported by Smart Token contracts in the network. The later is the main purpose of Bancor’s own Smart Token, BNT, which can be exchanged to all Smart Tokens in the Bancor Network rendering all token pairs in the network interchangeable. Further potential applications of Smart Tokens are described in the whitepaper including an elegant solution for on-chain price oracles. While any ERC20-compatible token can be exchanged within the Bancor Network, the team’s primary mission is to bring liquidity to low cap tokens. As the crypto economy grows, it is expected low cap crypto assets will eventually make up a significant fraction of the total market capitalisation. Similar long tail phenomenon are observed in mature online markets, for example books with too little volume to be carried by regular bookstores make up an estimated 30-40% of the titles sold on Amazon.

Technology

The main technical difference between the Bancor Network and other decentralized exchanges such as KyberNetwork or 0x is automatic market making that dynamically adjusts token supply in response to market orders. Each Smart Token has one or a few reserve tokens, called connector tokens, that can be exchanged for Smart Tokens. Each contract holds a reserve of connector tokens which is initially funded via the Smart Token issuance. [2] The market price is deterministic with zero spread and no counterparty needed to fill an order. Instead, the Smart Token smart contract automatically either mints or burns the required amount of Smart Tokens with an offsetting transaction to top up or withdraw from the connector token balance in return. The price at which the order is filled is calculated so that the ratio between the connector token balance and the value of outstanding Smart Tokens remains unchanged. This fixed ratio, called connector weight, is always in the range between 0% and 100%, defining price elasticity. [3] In other words, connector weight defines how aggressively the Smart Token price surges in response to buy orders, with 100% representing a stable peg. Smart Tokens can be traded on external exchanges as well, while arbitrage opportunities are expected to eventually even out the prices offered by the Bancor Network and elsewhere. Connector weights and the number of connectors are set by the issuer upon smart contract creation and define the use case scenario of the token. Tokens with total connector weight below 20% are considered liquid. For example, the Bancor Network Token (BNT) has a single ETH connector with a weight of 10%, which makes it relatively stable (in terms of historical volatility) against ETH while leaving room for growth. Configurations with a total connector weight of 100% may have one, two, or more connectors. A configuration with a single connector, called a Proxy Token, makes a stable peg, allowing existing ERC20 tokens to be backward compatible with the Bancor Network. Two or more connectors may be used, such configurations are called Relay and Array tokens, to make a trustless index token with pro rata share adjusted value of connector tokens. The team expects more applications to appear as new features are implemented. The major risk for the Bancor Network is the premise that low cap crypto assets will represent a substantial user base and market share. While virtually any asset can potentially be exchanged on the platform, the team rightly focuses on tokens with low liquidity thus targeting a niche with less competition. Already liquid assets are unlikely to generate volume in the Bancor Network. Indeed, for orders with large volumes the quoted price will likely to be worse than what is offered on high-volume exchanges due to price slippage. To date, the Bancor Network, like other decentralized exchanges has struggled to show substantial daily volume, which is typically range bound between $1-10 million comparing to $1-2 billion for the largest centralized exchanges. It is not clear at the moment if and when the long tail phenomenon will reveal itself for crypto assets. Like other decentralized exchanges, technological risks include the dependence on the underlying Ethereum blockchain and attack vectors on the pricing mechanism, e.g. front-running orders. [5] While not seriously affecting the operation of the Bancor Network at the moment, such risks may become relevant if the platform succeeds in attaining large trading volumes.



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